This paper represents the first empirical study to investigate the effects of interest rate spread shocks before and after the implementation of LSAPs (Federal Reserve large-scale asset purchases) on energy consumption for different sectors. The US monthly data (2002–2015) for interest rate...

This paper uses two of the IMF's structural macroeconomic models to estimate the potential global impact of the boom in unconventional oil and natural gas in the United States. The results suggest that the impact on the level of U.S. real GDP over roughly the next decade could be significant,...

We identify structural vector autoregressions using narrative sign restrictions. Narrative sign restrictions constrain the structural shocks and the historical decomposition around key historical events, ensuring that they agree with the established narrative account of these episodes. Using...